FNX debuts module for structured bonds

"We’re expanding the Sierra architecture to handle exotic products," Dennelly says.

The new module, available now, allows users to construct customisable structured bonds that exploit multiple asset classes. Users will be able to book, price and process sophisticated structures in real time. The structured bond instrument is likely to consist of multiple legs, different payoff formulas and user-definable fields. The module is intended as an improvement over spreadsheet-based systems that can be riddled with errors and may require the re-keying of information.

As part of Sierra, the module also helps facilitate straight-through processing capabilities for such complex transactions.

The module was developed in conjunction with the fixed-income trading desks of an undisclosed major firm, with the hope that users could better manage the stages of a trade and lower their operational risk.